Level of competition definitely gets factored in. For the adjusted win percentage, wins against higher level competition count more and losses count less and the opposite for lower level competition. Also, the other major component of the wrestler score is their three best wins, which is definitely affected by their level of competition. There are undefeated wrestlers that are relatively far down in the rankings because they have not had as tough of competition. No fault of theirs, but it is difficult to know how good they really are until they have been tested by higher ranked opponents. Hopefully we keep getting a better idea as the season progresses and they have more opportunities.